How Small Employers Can Personalize Their Employee Benefits Offerings
A one-size-fits-all benefits package is non-existent at best and inconsiderate toward the unique needs of your workforce at worst.
What are personalized benefits offerings?
Every workplace employs individuals with diverse backgrounds, interests, and desires. Employers who address those different needs and wants through unique benefits offerings will see greater employee satisfaction and loyalty. According to a MetLife survey, financial wellness has been a top concern for most employees due to and during the pandemic, alongside mental, social, and physical health. 85% of employees who are financially healthy say they feel more productive at work.
Here’s an example of how to offer unique employee benefits. Boxed, the online wholesale retailer, offers college tuition reimbursement for employees’ children and the wedding expenses of unmarried employees. This needs-specific approach to offering benefits both addresses the unique financial needs of their staff and strengthens the employer-employee bond.
The value of personalization
Different employees have different needs and values. Therefore, offering the same benefits cannot satisfy everyone. Many workplaces today are multi-generational. Benefit needs for a 50-year-old man may differ from those of a 25-year-old woman.
If your organization is trying to attract current and potential employees, consider offering a wide range of customized benefits options. This could mean expanding your existing plan options or adding more voluntary perks. In any case, the end goal should be to give employees more control over choosing the benefits that matter to them.
Trending personalized benefits (that employees actually want)
Have you heard of the paradox of choice? It simply means that having too many choices can leave you feeling as paralyzed and stuck as having no options to choose from at all. Eliminating choices can actually reduce anxiety, meaning that employers need to deliberately and strategically decide what benefits to offer and to whom.
Some of the most desirable perks are listed below to help you get started:
Affordable health benefits - Tiers of health plans can accomodate the needs of all employees. Higher deductible plans may appeal to healthier workers while more comprehensive plans can benefit those with serious health needs. NY Small Health works with several insurance companies in the New York area to deliver affordable yet unique health benefits to small businesses.
Retirement plans - Securing the future is a major concern for most individuals today, given the political instability, economic crises, and threats of a longer pandemic.
Work-life balance - Family-building benefits can ease the burden of balancing a career and a family
Flexibility - Flexibility matters now more than ever. Hybrid work arrangement and flexible hours can turn into a win-win for everyone. The same survey found that employees who have flexibility were 86% more productive and 57% more likely to be resilient in confronting change, stress, and unknowns.
Financial wellness benefits - Personal financial stress permeates into all aspects of life, so having benefits that help employees navigate their financial health can provide the lifeline they need.
Mental health benefits - Mental health has been a hot topic even before the pandemic. Helping your team manage stress, burnout, and other mental issues can help them put their best foot forward in their professional and personal lives.
The best way to figure out the right mix of benefits for your unique team is to ask them and maintain open conversations regarding their evolving benefits needs. Consider working with a trusted expert like NY Small Health to find out which benefits can satisfy the specific needs of your diverse workforce.